Live Insurance News

Life insurance in India becoming less profitable

November 26, 2012April 30, 2013

The premiums collected from this coverage sector have dropped by 2.33 percent compared to 2011. The latest life insurance news from India is that premiums collected during the third quarter, which ended on September 30, have experienced a year over year decrease by 2.33 percent, said the most recent report of the Insurance Regulatory and Development Authority (IRDA). This drop has been blamed on the overall slowing in economic growth. This, according to Namo Narain Meena, the Minister of State for Finance. The minster explained that as a whole, there…

Life insurance business shut down, cutting 139 jobs

November 24, 2012November 22, 2012 H. Cutner

Scotland’s largest insurer will be eliminating its U.K. unit as it moves away from the sector. Standard Life Plc, the biggest insurer in Scotland, will be leaving the life insurance industry, leaving 139 people from its United Kingdom unit out of a job. The majority of the positions will be lost in Scotland, within several different divisions. Standard Life insurance jobs will be lost in the marketing and advising divisions, as well as in information technology, according to a statement from the company. The insurer has said that it has…

Insurance news from AIG now includes Chinese joint venture

November 23, 2012November 22, 2012 Julie Campbell

American International Group has announced that it will be working with PICC. The latest insurance news from U.S. insurer American International Group, Inc., is that it will be entering into a joint venture with the life policy business unit of People’s Insurance Co. (Group) of China, Ltd. This may place AIG into a situation where it is competing directly with its former Pan-Asian business unit. This insurance news has been released as the insurer announced that it would be purchasing $500 million worth of PICC shares in that companies up…

Life insurance policies are being cashed in at an increasing rate

November 19, 2012April 30, 2013

The trend is for individuals and families to cash them in to try to help to make ends meet. Statistics have revealed that life insurance policies in Cyprus are a direct reflection of the continuing economic crisis, as 40 percent more policyholders have cashed in their policies during the first half of 2012 in comparison with the same time in 2011. These grim statistics were released by the Insurance Association of Cyprus. From January through June of this year, policyholders cashed in €111 million worth of life insurance, when compared…

Life insurance company pursued by New Mexico officials

November 6, 2012April 30, 2013

The insurer is currently at risk of being shut down if it doesn’t make its payments. Officials in New Mexico are currently working to collect over $100,000 from a life insurance company that has previously stated that it will not make payments to two deceased state employees who had been paying for this coverage. The insurer, which is based in Oregon, has stated that a lack of medical history form prevents the payment. According to Ed Burckle, the General Services Department Secretary, the reason that the life insurance company will…